Real estate is good business in most parts of the world, but nowhere is the property business a better place to build wealth than in Asia, according to a recent survey.
The recently released Forbes Rich List, the annual compendium of the world’s wealthiest, reveals that 12 out of the world’s 20 richest real estate magnates come from Greater China. And, among the five richest property industry leaders in the world, four come from either Hong Kong or mainland China.
Here’s a ranking (courtesy of Forbes) of the Chinese tycoons that are leading the world’s property industry, along with their ranking among real estate billionaires, and among the world’s wealthiest overall.
1. Lee Shau Kee
Net Worth: $24.8 billion
Rank among global billionaires: 27th
Citizenship: Hong Kong
The world’s richest real estate mogul is Hong Kong’s Lee Shau Kee, the majority owner of developer Henderson Land. The 87-year old native of Guangdong has built some of the region’s best known properties, including the IFC and the Miramar Hotel in Hong Kong. His company also developed Henderson Metropolitan along East Nanjing Lu in Shanghai.
Lee has been a major investor in mainland stocks and is Hong Kong’s second richest man, after Li Ka-shing.
2. Wang Jianlin
Net Worth: $24.2 billion
Rank among global billionaires: 29
Citizenship: China
Coming in second in the ranks of the world’s property moguls is Wang Jianlin, chairman of mainland developer Dalian Wanda. Wang’s position was helped considerably in the last year by the initial public offering of two branches of his real estate conglomerate; the $3.7 billion December IPO of Wanda Commercial Properties in Hong Kong, and the RMB 1.26 billion ($201 million) listing of Wanda Cinema in Shenzhen.
3. Thomas & Raymond Kwok
Net Worth: $15.9 billion
Rank among global billionaires: 58
Citizenship: Hong Kong
Coming in at third globally among real estate’s richest are Thomas and Raymond Kwok of Sun Hung Kai Properties. While Thomas’ enjoyment of his wealth may be curtailed a bit by his conviction on bribery charges in December, brother Raymond continues to lead the Hong Kong-based developer’s empire of housing estates and shopping malls in Hong Kong and on the Chinese mainland.
Among the properties developed by Sun Hung Kai under the Kwok brothers (along with their now estranged brother Walter) are the IFC malls in Hong Kong and Shanghai, and the ICC projects in the same two cities.
5. Cheng Yu-tung
Net Worth: $14.4 billion
Rank among global billionaires: 71
Citizenship: Hong Kong
Rounding out a Hong Kong-heavy top five is Cheng Yu-tung, who owns both the city’s New World Development and regional jewelry chain Chow Tai Fook. With more than $14 billion in assets the 89-year old native of Guangdong controls property groups in both Hong Kong and on the mainland, as well as a hotel company, and the K11 chain of shopping malls.
Cheng’s wealth originated from his jewelry business, and the billionaire is also an investor in some of Stanley Ho’s Macau casinos.
8. Joseph Lau
Net Worth: $10.9 billion
Rank among global billionaires: 114
Citizenship: Hong Kong
Coming in at number eight on the list is Joseph Lau the jet-setting owner of Hong Kong property group Chinese Estates. Like the Kwok brothers of Sun Hung Kai, Lau has run into trouble over bribery, but although he was convicted, the charges against him are in Macau, a city which the Hong Kong resident apparently no longer visits, and which lacks an extradition treaty with its larger neighbor.
Lau was one of the first private individuals to order a Boeing 787 Dreamliner for personal use when the next-generation jets went on sale and is said to have collected more than 10,000 bottles of red wine.
9. Robert & Philip Ng
Net Worth: $9.6 billion
Rank among global billionaires: 131
Citizenship: Singapore
The top ranked Singaporean on the list, coming in at ninth among the world’s real estate wealthy are brothers Robert and Philip Ng of the Far East Organisation. The brothers also control Hong Kong-based developer Sino Group.
Lately the Singaporean tycoons and their company have been buying up Australian properties, including a $142 million Sydney office tower and a $6 million island in New South Wales
10. Pan Sutong
Net Worth: $8.6 billion
Rank among global billionaires: 153
Citizenship: Hong Kong
Another native of Guangdong, 51-year old Pan is now a Hong Kong citizen, and originally made his living in the electronics business. Now his Goldin Group is primarily engaged in real estate, and is developing residential projects and resorts in Tianjin and other mainland cities.
Pan is another wine-loving billionaire, but instead of collecting bottles like Lau of Chinese Estates, Pan has bought vineyards in Bordeaux and the Napa Valley.
11. Peter Woo
Net Worth: $8.6 billion
Rank among global billionaires: 153
Citizenship: Hong Kong
Ranking eleventh on the list is Peter Woo of Hong Kong developer Wharf. Woo started out in banking in New York, after graduating from Columbia, but got involved in real estate after marrying the daughter of Hong Kong shipping magnate YK Pao in 1975.
Since then, Woo has built Wharf, and its sister company Wheelock into a property empire that spans Greater China, with projects in Hong Kong, Singapore and the mainland. Among Wharf’s best known projects are its Times Square malls in Hong Kong and Shanghai, while Wheelock has developed landmark office projects in Shanghai, Hong Kong and Singapore.
13. Walter Kwok
Net Worth: $7 billion
Rank among global billionaires: 193
Citizenship: Hong Kong
Athough Walter Kwok was pushed out from the board of Sun Hung Kai early last year, after his brothers (and mother) questioned his judgement, the former head of the Hong Kong developer still maintains shares in the company and has total assets of an estimated $7 billion, according to Forbes.
Kwok’s now famous fall out with his brothers came out in rich detail during last year’s corruption trials, but older brother Walter was not welcomed back to the developer, even after Thomas was convicted.
18. Xu Jiayin
Net Worth: $6.2 billion
Rank among global billionaires: 230
Citizenship: China
He may be about to lose his $30 million Sydney home, but Evergrande Real Estate boss Xu Jiayin, still has enough billions to rank 18th among the richest real estate tycoons in the world.
Xu, who also goes by his Cantonese name, Hui Ka Yan, has been diversifying his Evergrande Group into everything from cooking oil to soccer clubs in recent years, as he continues to look for profitable places to invest the billions he made building middle-class homes in China’s developing cities.
19. Chan Laiwa & Family
Net Worth: $6.1 billion
Rank among global billionaires: 240
Citizenship: China
The highest ranking woman in among the world’s real estate leaders is China’s Chan Laiwa, who chairs developer Fu Wah International Group. The group specialises in commercial real estate and owns a number of high profile properties in Beijing, including the Regent Beijing, Jinbao Tower, the Chang’An Club and the Beijing Hong Kong Jockey Club.
Chan started her career in the furniture industry in Hong Kong, but returned to her native Beijing in the late 1980s to get involved in real estate.
20. Lin Yu-lin
Net Worth: $5.7 billion
Rank among global billionaires: 259
Citizenship: Taiwan
Coming in at number 20 on the list is the sole representative from Taiwan, Lin Yu-lin. 80-year old Lin heads Taipei-based Hong Tai Group, which owns some of the city’s best known downtown office developments.
Lin’s companies also include Hung Sheng Construction, Cooperative Construction and Hung Tai Asset Management.
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